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I am wondering if anyone has any experience with no win no fee debt recovery companies?
Tenant did a runner and owes close to £10k, I am happy to sell it for £5k, what I believe is way more than the no win no fee companies take, any recommendations by any chance? any good or bad experiences?
or if no win no fee does not work, any fee charging companies worth contacting?
Have you tried a company called DBS?
They are the debt collectors from the TV show "Cant Pay We'll Take it Away"
I'm not sure whether they will buy the debt but its worth giving them a call.
07502 295506 | 020 3728 9937
email@example.com | caridonlandlordsolutions.co.uk
If you can find a mug debt collector to buy your debt from you for £5000, bite their hand off!
A bird in the hand and all that.
I can assure you that you will never recover from your tenant. Take the five grand ASAP.
I've used one - they pick the low hanging fruit, you have to do all the work in detailing the debt, & you have to pay Court Fees. If the debtor is difficult to find etc then they don't bother chasing.
I will check out DBS, I have a Money order judgement for close to 10k, so even if DBS makes my former tenants life a bit of a hell, I am ok with that.
Paul, these companies charge 25-35% fee of the recovered funds, so giving 50% is actually generous, but as I said above, even if someone going after them and force them to have a few sleepless nights, I am ok with that.
Will they attempt recovery without you paying anything
I have a few CCJs worth about £19000
I'd gladly allow half of that to go to these Debt Collectors
Get them to contact me and see if they can recover for me!!!?
Folks, I know this post is a year old now, but just putting it out there that I've got some tenants, who absconded last year November leaving £3K of rent arrears.I can't find any company prepared to take on my case on contingency/no win, no fee basis. If anyone can recommend a company, it'd be most gratefully appreciated.
A couple of options:1. Speak to Landlord Action who offer a debt recovery and enforcement service for a fee. You can call the team on 0333 363 7998.2. Take out your own Money Claim On-line.
It is worth considering paying a fee. 80% of something is better than 100% of nothing!
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Many thanks Vanessa.
I'll try them both and let yo know how I get on!
Any progress with this several months down the line? I have a tenant who I have served a s21 to and she seems to have all but moved out now owing about £3k. I need to decide my next course of action to try and recover something. I do not have a forwarding address.
Prior to the tenants moving out in the end owing shy of £2900 and managed to get them to sign a promissory note with intent to pay .They have until end of November to recompense me ( I generously gave them a whole year to pay up).Suffice to say, I have not as yet received a penny.I have since been in touch with the former tenants and the couple have now separated ( which did not surprise me in the slightest).The wife claims she will pay her half that is owed to me, but I suspect pigs might fly! I have considered invoking the promissory note and attempt legal proceedings against them both ( I have copies of their passports, national identity cards and national insurance details so they can be traced if need be).However, I do not believe they have have a proverbial pot to urinate in!I suppose I'll just swallow the loss and learn a very harsh lesson- never take on a tenant that has a less than impecable reference and to never be taken in by someone because they appeared to be "nice" at first blush. If by a small miracle I received some money, I put up a post here but if I hold my breath between now and end of November, I suspect I'll be dead from oxygen starvation!Good luck in your pursuit.